February 22, 2011
Andrew Presti
Blog Posts
0 CommentsMany S corporations do business in multiple states and must file income or other tax returns in them. Many states have been more aggressive in going after out-of-state companies doing business in their states. Many of these businesses do not realize they have an exposure to a state’s taxes until they receive a nexus questionnaire […]
Read moreFebruary 21, 2011Andrew PrestiBlog Posts0 CommentsFebruary 16th, 2011 Insurance contracts. The IASB and the FASB invited guest speakers from PricewaterhouseCoopers and MetLife to provide an education session on separating insurance contracts into insurance and noninsurance components, which is referred to as unbundling. The IASB’s Exposure Draft, Insurance Contracts and the FASB’s Discussion Paper, Preliminary Views on Insurance Contracts, proposed that […]
Read moreFebruary 18, 2011Andrew PrestiBlog Posts0 CommentsFebruary 16th, 2011 Federal Reserve officials were slightly more optimistic last month about economic growth for this year than they were in November, reflecting expected gains in consumer and business spending from tax cuts. In an updated forecast released Wednesday, they said they believe the economy will grow 3.4% to 3.9% this year. That’s an […]
Read moreFebruary 17, 2011Andrew PrestiBlog Posts0 CommentsFebruary 15th, 2011 President Obama’s $3.7 trillion budget proposal for fiscal year 2012 relies on dozens of ideas that have been previously rejected by a Democrat-led Congress and will face an even tougher road ahead under a new, larger Republican presence in the Capitol, lawmakers said Feb. 14. In his Feb. 14 budget submission, Obama […]
Read moreFebruary 16, 2011Andrew PrestiBlog Posts0 CommentsFebruary 16th, 2011 The IRS is allowing certain individuals who have made a good faith effort to timely obtain Preparer Tax Identification Numbers (PTINs) to prepare tax returns during the interim period that their applications for PTINs are pending. All tax return preparers who are compensated for preparing, or assisting in the preparation of, all […]
Read moreFebruary 15, 2011Andrew PrestiBlog Posts0 CommentsFebruary 14th, 2011 President Barack Obama said he would fight for his long-held pledge to reverse tax cuts for upper-income taxpayers after 2012, in a budget blueprint that doesn’t stray far from tax proposals he has made since before taking office. Mr. Obama struck a compromise with congressional Republicans in December that allowed all the […]
Read moreFebruary 14, 2011Andrew PrestiBlog Posts0 CommentsFebruary 14th, 2011 Mid-day today, February 14, IRS expects to be able to begin processing 2010 tax returns for those taxpayers who itemize their deductions, take advantage of education incentives, the Homebuyer Credit and many other less frequently used tax benefits. My firm generally preparers about 1000 tax returns each season; so far we’ve been […]
Read moreFebruary 04, 2011Andrew PrestiBlog Posts0 CommentsIn order to accommodate the 2010 new HIRE Act, a check box, “Qualified for HIRE Act”, has been added to the employees’ Status Information screen (A-T-F Payroll>Input>highlight employee>Edit>Status Information). The “Date Hired” field must also be entered. If selected, checks dated between March 19, 2010 and December 31, 2010, will be handled appropriately on the […]
Read moreFebruary 04, 2011Andrew PrestiBlog Posts0 CommentsAfter months of uncertainty regarding possible tax cut extensions, we now know which breaks have been extended and which ones have hit the deck. Here’s how the major changes stack up. Health Insurance Premium Deductions for Self-Employed Taxpayers In the past, eligible self-employed taxpayers could deduct their health insurance premiums from their federal tax bill. […]
Read moreFebruary 04, 2011Andrew PrestiBlog Posts0 CommentsRecent media reports show that smartphone applications are regularly breaching the privacy of their users, sharing personal data widely without the knowledge or permission of their users. The mobile communications industry is relatively young. And when it comes to sharing user data with third parties, currently there are no standard industry practices and no consistent […]
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